Ukrgazvydobuvannya reduced profits by almost four times

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Ukrgazvydobuvannya reduced profits by almost four times

29.04.2021 News

In 2020, the state gas company Ukrgazvydobuvannya reduced its net profit by 3.8 times, or 14.1 billion hryvnias to 4.95 billion hryvnias compared to 2019, according to the company’s website.

“Although last year due to the situation on the gas market, economic crisis and pandemic, our capital investments decreased almost one and a half times – to 16.6 billion UAH, we were able to meet the targets for gas production, almost keeping them at the level of the previous year,” – stated the General Director of Ukrgazvydobuvannya Olena Kobets.

Ukrgazvydobuvannya ended last year in a pandemic and economic downturn with a net profit of 4.95 billion hryvnias, operating profit amounted to 7.3 billion hryvnias.

The company added that this year will continue to invest in stabilizing gas production in the “old” fields, which are already depleted by 70-80%. At the same time, Ukrgazvydobuvannya will simultaneously study and develop new gas fields.

We will add that NJSC Naftogaz of Ukraine owns all shares of Ukrgazvydobuvannya.

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